Customers both predator and prey

Independent automated teller machine network operator
Customers Limited
has held discussions with a potential purchaser, the company told the Australian Securities Exchange on Monday.

The discussions “may or may not lead to a potential offer for Customers", the company said.

Customers shares went into a trading halt on early Monday afternoon pending an announcement by the company about a “potential transaction" which followed soon after.

The company, which is the largest non-bank owner of ATMs (with more than 6000 machines nationwide), said in the statement that it has had discussions with a potential purchaser about an “indicative, non-binding and high conditional proposal", adding that the discussions “are not regarded as sufficiently advanced to warrant disclosure at this time".

There are a number of trade or private equity buyers that might be interested in purchasing Customers, sources familiar with the situation suggest. Indeed, the major local banks may also be interested.

Customers, which has a market cap of $149 million, also revealed in the statement that it has made an “indicative, non-binding and highly conditional proposal for the acquisition of another business", noting that it was “not regarded as being sufficiently advanced to warrant disclosure at this time".